- April 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Frustration with Car Insurance Premiums
I drive a 2015 Toyota Aqua and have comprehensive insurance with Tower, with a $400 excess. Despite not making any claims where I am at fault, my premiums are currently $43 a fortnight, renewing in March. However, upon receiving my renewal certificate, I was shocked to see that my premium is going to double, skyrocketing to $87 a fortnight.
## Factors Influencing Premium Increase
This significant increase has left me questioning what could be driving such a steep hike in my insurance costs. Is it due to the car model being the most stolen in New Zealand? Despite taking precautions like using a steering lock, the sudden spike in premiums seems unjustified.
### Seeking Explanations
Upon contacting my current insurer, I was met with a vague and unsatisfactory explanation about repair costs and GST influencing the premium rise. Despite their attempts to justify the increase, I am struggling to comprehend the drastic change in my insurance expenses.
#### Exploring Alternatives
In a desperate attempt to find a more affordable option, I sought quotes from other insurers, only to find that their premiums were equally exorbitant, if not more so. This constant struggle to afford basic necessities like insurance leaves me questioning how individuals can make progress or savings in this country.
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###### Successful Outcome
Edit/Update: Thanks to State Insurance, I have successfully switched providers to enjoy reasonable premiums and a seamless process. This highlights the importance of exploring different insurance options and not settling for unjustified premium increases.
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****** just grabbed a
It’s the car model. The risk rating was reevaluated to be extremely high, from memory it’s about as high as it can be. Insurers don’t want to take on cars that are statistically extremely likely to have claims made.
Your car has made to the top stolen car of the year. [https://www.ami.co.nz/hub/2022-top-10-stolen-cars](https://www.canstar.co.nz/car-insurance/nzs-most-stolen-cars/) so base on the risk, your premium is higher
Nz ran out of ignition barrels for aquas in 2022, not a good car to insure.
>Is it the car model? I know it’s the most stolen car in NZ, so I use a steering lock.
LMAO. Why make a half pager post when you already know the answer
You already know it’s because it’s an aqua. Also severe weather events are a factor.
Mine went up $500, I’m not sure it’s just the car model causing this.. there has been many posts and reports about this lately. Maybe they’re trying to recoup costs from having to pay out for those flooded car claims! Who knows..
Damn, that’s crazy.
Its about the same as I pay for a twin turbo v8 audi lol.
However I just pay mine upfront once a year and that’s just the cost of having a nice car, its also cheaper to pay it in one hit fwiw.
My business owns a class 2 truck last year I had a 25% increase this yea is 14%. My understanding at least with last year but it’s likely still having effect that all the storm damage claims on vehicles has caused insurance prices to jump drastically then coupled with ,covid, inflation, international affairs and shipping exacerbated the costs.
I was pissed last year when I saw the price jump because of the nature of my business the truck is not driven frequently or long distances and is stored at my own property and I’ve never made a claim or had an accident since owning it.
The insurance company business model is them gambling that only limited number of people will make a claim at any one time. The storms over the last couple years ruined those odds for them so now they are gouging as much money as they can before the next “100 year” weather event.
I don’t think it’s sustainable and soon sadly a lot of people won’t be able to afford insurance will get knocked back further financially every time a town floods
ALL insurance in NZ is going up due to the floods/cyclones/insert natural disaster. Last year cost $$$$ for insurance companies, and they pay reinsurance. Check the website of your insurer and they’ll likely have info on it. Rest assured, it’s happening for everyone.
Sell the car; walk/bike/use pt to commute…
Aqua is the most stolen vehicle; steering lock will do jack all….
Still worth shopping around, you may get a cheaper quote elsewhere.
We had the same problem with tower last year. Applying for a new policy on their website made the premiums lower again. They wouldn’t do it on the phone so we cancelled and changed insurance companies and got a lower rate. We have no loyalty to insurance companies anymore
Aquas are the most stolen cars, premiums are up everywhere due to the cyclone and Auckland flooding which lead to a loss of 14,000 cars (according to a car dealer)
You are driving one of the most stolen vehicles in NZ. That’s why your premiums have risen.
Is it a button start aqua?
Try MAS Insurance
Start shopping around!!
I have full insurance on both a ford territory and a 650cc sports bike. My insurance is $40 a fortnight!!
I have a 2010 Honda Fit my premuim went up 17% no claims ever.
I cannot believe it us not a requirement to have third party car insurance in NZ.
Steering wheel locks are entirely useless. I had one many many years ago (Prolock brand) and broke it myself, entirely by accident. All you need to do is give one end of the lock a solid whack and the useless thing pops right open. So at best, it adds 10 seconds to the time it will take to steal your car, which is already the most stolen car in NZ.